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The Eurozone tells Greece: be a vassal or an outcast

http://fortune.com/2015/07/12/the-eurozone-offered-greece-a-choice-be-a-vassal-or-an-outcast/

The Eurozone is shaping to give Greece 72 hours to choose between being a vassal and an outcast.

According to the terms of the latest draft statement honed by nearly two days of bitter arguments, Greece will be given a ‘temporary time-out’ from the Eurozone if it fails to pass, by Wednesday, a raft of laws whose spirit goes against an emphatic referendum last weekend, and against everything its elected government believes in. The terms are the conditions for a new three-year bailout worth an estimated €82 billion ($91 billion).

In addition to the familiar litany of reforms from VAT increases to eliminating early retirement, Greece’s creditors are reintroducing earlier demands regarding liberalization of the labor and product markets, and are now insisting on what amounts to a sweeping veto on all new legislation. They also want the reinstatement of regular enforcement (or rather, ‘monitoring and implementation’) visits by officials from the European Commission, European Central Bank and International Monetary Fund–the hated ‘Troika’. Meanwhile, another part of the draft calls for Greece put €50 billion of assets earmarked for privatization into an escrow fund in Luxembourg, under the control of the creditors.

follow the link below for the full draft

https://fortunedotcom.files.wordpress.com/2015/07/draft16h.pdf